Top SBA 7(a) Lenders in Illinois for 2025
As of July 22, 2025, small businesses in Illinois received 2,348 SBA 7(a) loan approvals totaling $1,012,456,400. The state’s average loan size stood at $431,199, reflecting a healthy blend of microloans, mid-sized working capital requests, and large-dollar commercial transactions.
Lender participation in Illinois was diverse, with major national banks, fintech lenders, and Illinois-based institutions sharing the top tier by loan volume. Loan size differences between lenders were substantial, underscoring a split between mass-market programs and strategic large-ticket transactions.
Leading Lenders by Approval Volume
- The Huntington National Bank (Ohio) led the state in total SBA loan volume, originating $105,235,800 across 553 approvals. With an average loan size of $190,300, Huntington’s activity reflects its emphasis on high-frequency, lower-dollar loans to small and mid-sized enterprises.
- Byline Bank, based in Illinois, ranked second with $75,875,000 in volume from 59 loans. The bank’s average loan size of $1.29 million was among the highest in the state, indicative of its focus on larger, structured financings—likely for acquisitions, expansions, or commercial real estate.
- Newtek Bank (Florida) followed in third with $54,318,500 across 130 approvals, while Live Oak Banking Company (North Carolina) placed fourth with $53,803,000 from 50 loans. Both banks showed strong national SBA presence and specialized in high-ticket lending, with Live Oak averaging over $1 million per transaction.
- Northeast Bank (Maine) rounded out the top five, disbursing $48,229,200 through 287 loans. The bank’s average loan size of $168,046 reflects its strategy of targeting smaller operating and growth-stage businesses.
Top SBA 7(a) Lenders in Illinois – 2025 YTD
(U.S. Small Business Administration, data as of July 22, 2025)
| Rank | Lender Name & Location | Approval Count | Approval Amount | Avg. Loan Size |
| 1 | The Huntington National Bank (OH) | 553 | $105,235,800 | $190,300 |
| 2 | Byline Bank (IL) | 59 | $75,875,000 | $1,286,017 |
| 3 | Newtek Bank, N.A. (FL) | 130 | $54,318,500 | $417,835 |
| 4 | Live Oak Banking Co. (NC) | 50 | $53,803,000 | $1,076,060 |
| 5 | Northeast Bank (ME) | 287 | $48,229,200 | $168,046 |
| 6 | Readycap Lending, LLC (NJ) | 78 | $28,339,000 | $363,321 |
| 7 | U.S. Bank, N.A. (OH) | 163 | $26,552,300 | $162,898 |
| 8 | JPMorgan Chase Bank, N.A. (OH) | 84 | $25,227,600 | $300,329 |
| 9 | Merchants Bank of Indiana (IN) | 15 | $25,107,100 | $1,673,807 |
| 10 | FWBank (IL) | 17 | $24,879,800 | $1,463,518 |
Source: U.S. Small Business Administration, 2025 data
Market Trends and Observations
Lending in Illinois was characterized by a strong presence of both local and out-of-state lenders. Illinois-based institutions like Byline Bank and FWBank played key roles in high-value financing, while large national banks such as Huntington, U.S. Bank, and JPMorgan Chase dominated in loan count and geographic reach.
Several lenders, including Merchants Bank of Indiana and FWBank, posted average loan sizes well above $1 million. This signals that many Illinois businesses sought financing for capital-intensive expansions, M&A activity, or real estate purchases.
Fintech-aligned and remote lenders—including Newtek Bank, Readycap Lending, and Northeast Bank—also remained heavily active, demonstrating the continued relevance of digital SBA platforms across Illinois’s commercial centers and suburban regions.
Outlook for Small Business Lending in Illinois
With over $1 billion in SBA loans approved by mid-2025, Illinois continues to be a critical market for small business financing. The range of lenders and the diversity of loan sizes suggest robust access to credit for enterprises at every stage—from emerging retail operations to multi-location enterprises.
As economic activity remains steady and interest in federal lending remains high, the SBA 7(a) program continues to offer vital financial support for Illinois businesses navigating expansion, recovery, and succession. With capital demand strong and lender participation broad, the state remains positioned for sustained small business growth through the second half of 2025.
